FDIC Sues Banks Over Libor

The Federal Deposit Insurance Corp. filed a lawsuit against large banks for their alleged role in manipulating a global benchmark used to determine interest rates on everything from home loans to corporate debt.

The lawsuit, filed Friday in Manhattan federal court, accuses 17 banks and an industry group of manipulating the London interbank offered rate, known as Libor, from August 2007 through at least mid-2011 for their own advantage...